Mooney Aerospace Group, Ltd. Emerging From Bankruptcy | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Recent Daily Episodes

Episode Date

AMA Drone Report

Airborne-Monday

Airborne-Tuesday

Airborne-Wednesday

Airborne-Thursday

Airborne-Friday

Airborne-Unmanned w/AUVSI

Airborne On ANN

AMA 04.27.17

Airborne
04.24.17

Airborne
04.25.17

Airborne
04.26.17

Airborne
04.27.17

Airborne
04.28.17

Airborne-Unmanned 04.25.17

Airborne-YouTube

AMA 04.27.17

Airborne
04.24.17

Airborne
04.25.17

Airborne
04.26.17

Airborne
04.27.17

Airborne
04.28.17

Airborne-Unmanned 04.25.17

Thu, Dec 16, 2004

Mooney Aerospace Group, Ltd. Emerging From Bankruptcy

Plan of Reorganization Approved by Bankruptcy Court, Mooney Airplane Company Stock to Be Reacquired

Mooney Aerospace Group, Ltd.'s Plan of Reorganization was approved by the U.S. Bankruptcy Court for the District of Delaware Wednesday. A court order has been submitted to the judge for signature. As of December 15, 2004 the company will have a new trading symbol, MNYG.OB. As part of the plan, the company will reacquire the stock of Mooney Airplane Company from its current owner, Allen Financial Holdings, Ltd.

As part of the plan, existing shareholders will be issued new shares of Mooney Aerospace Group, Ltd. common stock based on a reverse split of 3223 old MASG shares for one share of new common stock. (Fractional shares will be issued as part of the plan.)

J. Nelson Happy (below, right), President and CEO of Mooney Aerospace Group, Ltd., commented: "We are very pleased to have the bankruptcy proceeding behind us. We now have a fresh start without old financial problems diverting management's attention from our core business, which is making and selling airplanes and thereby enhancing shareholder value. I am especially pleased to welcome Gretchen Jahn, the recently appointed CEO of Mooney Airplane Company. She has already shown herself to be a strong leader of the Mooney team. We are looking forward to 2005 as a year of consolidation of the business improvements initiated since our acquisition of the Mooney assets in 2002."

According to Mr. Happy, "Special thanks are due to our creditors, who approved a plan of reorganization which allowed our existing shareholders to continue to have an equity stake in the company, although smaller than before. This is unprecedented in my experience. Our existing shareholders should submit their shares to our stock transfer agent, American Stock Transfer and Trust Co., 59 Maiden Lane, Plaza Level, New York, N.Y. 10038; phone 800-937-5449, by mail or through their stock broker."

The plan imposes two restrictions on sale of the new stock, which is otherwise free trading. No sale of the stock may occur until 90 days after the plan's effective date. Thereafter, no more than 10% of each shareholder's total holdings can be sold per month. Complete details of the Plan of Reorganization can be read as part of the Company's most recent quarterly report filed with the Securities and Exchange Commission.

FMI: www.mooney.com

Advertisement

More News

AMA Drone Report 04.27.17: Kitty Hawk Flyer, College Drones, DJI VR Goggles

Also: Airborne at XPONENTIAL, AMA On Mil-Airspace, Canadian Drones, AMA Legislative Efforts With an appearance not all that different than many of the multi-copters we’re all>[...]

AUVSI and Aero-News Announce Live Webcast Schedules for XPONENTIAL 2017

The World's Greatest Gathering Of 'All Things Unmanned' Will Get Expert Live Coverage! The Association for Unmanned Vehicle Systems International (AUVSI) and their "Airborne-Unmann>[...]

Airborne-Unmanned 04.25.17: UAS Broadcast, College Drone Racing, XPO17 LIVE!

Also: Aeryon Labs, Northrop Grumman, XTAR Connectivity, Bowling Green Drones The broadcast platforms of tomorrow may well be unmanned... and 360 Designs has just introduced the Fly>[...]

Airborne 04.27.17: HondaJet Records, More UAL Fallout, Avenger Gathering

Also: Peggy Whitson!, AUVSI 2017 Live, Air Medical Group, Canadian Airports, GLO Bankrupt, WestJet, Second T-X A HondaJet has officially secured its first speed records over two re>[...]

Airborne 04.28.17: Perlan Mission II, DJI VR Goggles, Pilot... NOT!

Also: American Airlines, Airborne-NextGen, Biofuel, ATR 72-600, Gogo, Drone Drive, L3 Aviation Airbus Perlan Mission II, an initiative to fly a glider to the edge of space to colle>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2017 Web Development & Design by Pauli Systems, LC